€200 million to Pirelli to facilitate the transition to the Circular Economy
Intesa Sanpaolo has signed a €200 million circular loan with Pirelli to encourage the transition of the leading multinational group in the high value tire sector towards a circular production model.
We are delighted to support Pirelli - a leading international group in its reference market - on the road to achieving the important milestones set out in its Business Plan, such as progressive reductions in the raw materials used and in CO2 emissions in the production chain, as well as greater resistance and therefore lower tyre consumption.
Mauro Micillo, Head of Intesa Sanpaolo’s Corporate & Investment Banking Division and CEO of Banca IMI
The performance of the Pirelli Group will be assessed through two circular indicators, which measure the progressive reduction of fossil based materials, and the decrease in rolling resistance of tires.
The transaction falls within the context of a larger €800 million sustainable loan signed with three other Italian and international banks. In the transaction Intesa Sanpaolo played the role of Circular Economy Coordinator, having fully subscribed the Circular tranche of the loan, confirming its leadership in the loans for companies in the transition to the circular production model.
The financing was structured by the Corporate and Investment Banking Division, with the support of the Circular Economy Team of Intesa Sanpaolo Innovation Center, a company dedicated to innovation and the spread of the circular economy.
Last updated 15 April 2020 at 12:50:09